I was bearish on ETH before because PMF was not mature enough, but what if Ethereum's business model shifts from ToC to ToB? The Ethereum ecosystem has long been user centric: wallets DeFi、NFT、 Interactive experience - serving the C-end. Last week, Celo announced that it will migrate from the independent Layer1 chain to Layer2 on Ethereum, which fully demonstrates the attractiveness of ETH to L1 public chains. The fundamental business dilemma of L1 At present, the fee income directly belongs to the verifier, and the project party cannot retain any income for research and development, operation, or ecological incentives. L1 has no profit, so naturally it cannot support large expenses on the public chain. The L2 mode has changed this As an L2, Celo does not need to maintain the underlying trust network on its own, while also retaining a portion of its revenue and reinvesting it in ecological construction and innovation. The impact on ETH This is not only about Celo, but also about the transformation of Ethereum's own vision. It no longer attempts to become the "dominant main chain" - this fantasy has failed in the Web1 and Web2 eras, and Web3 is no exception. What will happen when Ethereum shifts from ToC to ToB? ToB means ETH can become AWS for Web3. It provides Security as a Service, Decentralization as a Service, and Settlement as a Service. The new chain is no longer competing for security, but rather "buying" Ethereum's security guarantees. They compete in terms of user experience, performance, design, and community. ETH can serve as an underlying service provider, passively capturing value. The future of public chains Although L2 can save money by migrating ETH, it still cannot escape the establishment of a business model, otherwise it will only die slower.